Economics
Alibaba Investors Backpedal as China Slowdown Saps Sales Growth
- China's biggest online retailer falls for third straight month
- Short interest on Alibaba shares climb to highest since April
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The rush that drove Alibaba Group Holding Ltd. to a record U.S. initial public offering has turned into a retreat a year later as the Chinese online retailer is beset by the slowest economic growth in 25 years and a domestic stock selloff that has shaken global investor confidence.
The American depositary receipts, which surged as much as 75 percent from the initial listing price, tumbled 16 percent to $66.12 in August in their third straight monthly decline in New York. The drop pushed the ADRs below the debut price of $68 as short sellers boosted bearish bets on the stock to the highest since April.